How cool is Digit?
Friday, February 20, 2015 at 9:08AM
Paul Rippey

I just came across Digit, a new phone app which cleverly observes your cashflow patterns, and decides how much you can painlessly save. It starts out cautiously, transferring small sums from your bank account to a special Digit savings account. If this seems to be okay with you, it will gradually become bolder, and have you save a little more. You can move your money back from their account to yours any time you like. Everything is (apparently) perfectly safe. 

This is brand new, and I haven’t even tried it, but I already love it. Why? Because every other gadget-based financial service is sort of like something that already exists. The e-Recording app is a lot like traditional SG accounting. At least five different firms have some sort of automated ROSCA - who needs it? Peer-to-peer lending is efficient, I guess, but people have lent money to each other forever. 

But Digit - it’s not like anything we do already. The idea of figuring out when we can save painlessly is new, at least to me. That’s what I like, plus, of course, it’s about saving, and it’s something that I can see being hugely useful to poor people. This is version 1.0 - if it catches on, I can’t wait to see version 3!

 

Article originally appeared on Savings Revolution (http://savings-revolution.com/).
See website for complete article licensing information.